Chevron Phillips Chemical in bid to acquire Nova Chemicals

| June 21, 2019

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Chevron Phillips Chemical Company, a joint venture between Chevron Corp and Phillips 66, has offered to acquire Nova Chemicals Corp for more than $15 billion including debt, people familiar with the matter said on Thursday. Chevron Phillips Chemical, one of the world’s top petrochemical producers, would gain scale and expand its footprint through the acquisition of Nova Chemicals, whose expandable polystyrene and resins are used in a range of industries, from construction to packaging. Abu Dhabi’s sovereign wealth fund Mubadala Investment Co, the owner of Nova Chemicals, has been exploring a sale of the Canadian plastics maker since the start of the year, and there is no certainty that it will accept the offer from Chevron Phillips Chemical, the sources said.

Spotlight

Afton Chemical

Afton Chemical Corporation, part of the NewMarket Corporation (NYSE: NEU) family of companies, develops and manufactures petroleum additives that help fuels burn cleaner and more efficiently, engines run smoother, and machines last longer. We offer performance fuel additives and refinery chemicals, such as gasoline performance additives, diesel fuel additives, lubricity improvers, and cold flow improvers; driveline products, such as automotive gear oil and automatic transmission fluid additives; engine oil additives for passenger car engines, heavy duty diesel engines, and railroad and marine diesel engines; additives for industrial products, such as antiwear and R&O hydraulic oils, industrial gear oils, grease, and industrial specialty chemicals. The company supports global operations through regional headquarters located in Asia Pacific, EMEAI, Latin America and North America. Afton Chemical Corporation is headquartered in Richmond, Virginia.

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Afton Chemical

Afton Chemical Corporation, part of the NewMarket Corporation (NYSE: NEU) family of companies, develops and manufactures petroleum additives that help fuels burn cleaner and more efficiently, engines run smoother, and machines last longer. We offer performance fuel additives and refinery chemicals, such as gasoline performance additives, diesel fuel additives, lubricity improvers, and cold flow improvers; driveline products, such as automotive gear oil and automatic transmission fluid additives; engine oil additives for passenger car engines, heavy duty diesel engines, and railroad and marine diesel engines; additives for industrial products, such as antiwear and R&O hydraulic oils, industrial gear oils, grease, and industrial specialty chemicals. The company supports global operations through regional headquarters located in Asia Pacific, EMEAI, Latin America and North America. Afton Chemical Corporation is headquartered in Richmond, Virginia.

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